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To: Claude Cormier who wrote (37559)	12/1/2005 4:41:00 PM
From: ogi	Read Replies (2) \| Respond to of 312932

Hi Claude: I suppose it is such standard practice to require hedging for mine capital loans but when the rate of return is so robust for a project such as EPM's it seems unnecessary and certainly not very innovative on the lenders part. You would think there might be some other structure that would allow the company ( debtor) the full price of the commodity but perhaps increase the rate of return for the lender. I guess the lenders are only interested in the more conservative approach at earning a return on their investment. My guess? The hedge is around the $455.00 Pog area. Cheers, Ogi